GLOBAL MARKETS: Asian bourses kicked off the week on a negative tone pressured by the lack of concrete measures from the group of G20 at the February 26-27 meeting to prevent a pronounced slowdown in the global economy. A string of positive US data which revived expectations for higher Fed interest rates in the coming months also had an impact. In FX markets, increased risk aversion favored the safe haven appeal of the JPY.

GREECE: According to provisional seasonally adjusted data released today by the Hellenic Statistical Authority (ELSTAT) , real GDP in Q4 increased by 0, 1% QoQ (against the 12 February flash estimate of -0, 6%QoQ) and 0, 8% YoY (against the 12 February flash estimate of -1, 9%). The Euro Working Group will convene to evaluate the progress achieved in the negotiations between the technical staff of the institutions (EC/ECB/ESM/IMF) and the Greek officials on the open issues pertaining to the 1st programme review. On the front of the refugee crisis, the European Commission is examining the provision of humanitarian aid to Greece

SOUTH EASTERN EUROPE

BULGARIA: ESI sentiment in Bulgaria came in at 104.8 in February marginally down from 105.0 in January, still close to the multi-month high of 105.8 achieved in December.

ROMANIA: The EUR/RON gradually drifted lower last week, hovering close to a 2-week trough near 4.4600 on Friday vs. a close of 4.4730 a week earlier. Ample RON liquidity still keeps money market rates unchanged near their historical lows despite recent Central Bank Governor’s hawkish comments.

SERBIA: The EUR/RSD moved modestly higher on a weekly basis last week, ending near 123.20 on Friday’ssettlement, despite strong interventions by the National Bank of Serbia in the FX markets to halt the domestic currency’s depreciation momentum.